The Port Authority of New York and New Jersey Board of Commissioners has approved a $9.4 billion budget for 2025, aimed at enhancing security and advancing redevelopment projects across the region's major airports, bus terminals, and PATH services. The budget allocates $4.1 billion to operating expenses, $3.6 billion to capital expenses, and $1.7 billion for debt service and deferred expenses.
Key projects include the redevelopment of John F. Kennedy International Airport (JFK) and Newark Liberty International Airport (EWR), replacement projects for AirTrain Newark, and improvements to the Midtown Bus Terminal. More than $1 billion is directed towards bolstering security capabilities, including cybersecurity measures and additional resources for the Port Authority Police Department.
The budget also introduces a new reduced fare program for disabled PATH riders and a $0.25 increase in toll rates for E-ZPass users starting January 2025, beyond the automatic annual inflation adjustment. Additional toll adjustments aim to incentivize non-E-ZPass users to enroll in E-ZPass.
Port Authority Chairman Kevin O’Toole emphasized the agency's commitment to modernizing infrastructure: “For over a century, the Port Authority has been a pillar of imagination and innovation, shaping infrastructure that endures and evolves with this dynamic region.”
Executive Director Rick Cotton highlighted ongoing transformations: “The Port Authority is rewriting the story of regional infrastructure... As we move into 2025... we are laser focused on building a future that will benefit this region for generations to come.”
Projects funded by the capital budget include substantial work at JFK’s new terminals 1 and 6 as part of its transformation into a world-class gateway; planning efforts under EWR Vision Plan; pedestrian access enhancements at Newark Airport Rail Link station; continuation of George Washington Bridge rehabilitation; early works construction for Midtown Bus Terminal replacement; PATH Forward program improvements; implementation of PATH’s tap-and-go fare system; modernization of access roads at Port Newark.
As part of its sustainability initiatives, more than 13,000 solar panels are being installed on JFK’s New Terminal One roof – set to be NYC’s largest solar array upon completion – alongside other renewable energy projects.
Despite not receiving tax revenue from New York or New Jersey states like similar agencies do elsewhere, the self-funded Port Authority generates revenue through third-party fees among other sources while seeking maximum income from non-toll/non-fare avenues amid COVID-19 pandemic losses amounting up-to-$3-billion-over-24-months between March-2020-March-2022 combined-with-inflationary impacts-on-operating/capital-costs which necessitated recent/approved-revenue-changes-via-toll/fare-adjustments-for-implementation-during-2025-alongside-an-intense-public-comment-period-that-saw-four-hearings-held-regionally-at-varied-times-of-day-offering-opportunities-for-input-online/mail-or-in-person/virtually-before-final-board-action-took-place-leading-to-a-package-of-measures-designed-to-address-financial-challenges-whilst-continuing-investment-agenda-laid-out-under-their-Capital Plan spanning-from-year(s)-2017-through-until-end-of-year(s)-26
